Leaders from the BRICS group of emerging powers failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank.
BRICS leaders (From L) India's Prime Minister Manmohan Singh, President of the People’s Republic of China Xi Jinping, South Africa's President Jacob Zuma, Brazil's President Dilma Rousseff and Russian Federation President Vladimir Putin, pose for a family photo in Durban on March 27, 2013.
After holding talks in the port city of Durban, leaders from Brazil, Russia, India, China and hosts South Africa agreed in principle to create a joint infrastructure lender. But they said further talks were necessary to finalise the plan.
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